A group of investors — including certain mutual funds — holding $5 billion in Puerto Rico's General Obligation bonds revealed Monday the terms of a joint restructuring proposal that calls for offering the government a five-year moratorium on principal payments and $750 million in upfront liquidity.
Drops in electric power generation, gasoline consumption and cement sales kept Puerto Rico’s economic activity in negative territory in November, according to the Government Development Bank’s Economic Activity Index (GDB-EAI) released Tuesday.
Moody’s Investors Service on Wednesday released a report in which it predicted that Puerto Rico is “likely to default” on some of its debt service payments due in December, as “its liquidity pressure grows.”
Puerto Rico Gov. Alejandro García-Padilla signed Thursday the law that approves a 68 percent increase in the excise tax over crude oil and its derivatives to $15.50 from $9.25 per barrel, expected to take effect immediately.
Citing local and federal Constitutional rights that establish freedom of information, New Progressive Party Rep. José Enrique Meléndez filed a lawsuit against the Government Development Bank and Gov. Alejandro García-Padilla, asking the court to order them to release reports crafted by private firms proposing a restructuring of Puerto Rico’s economy.
The Government Development Bank for Puerto Rico spent $2.6 million to pay for the services of two stateside law firms, Cleary Gottlieb Steen & Hamilton LLP and Proskauer & Rose LLP, seeking advice on “financing plans and other related matters.”
Negotiations for the sale of La Concha and the Vanderbilt hotels in Condado to a leading real estate investment group are reportedly underway and could culminate within the next two months, News Is My Business has learned.
The Government Development Bank confirmed Thursday that the Puerto Rico Public Buildings Authority completed the refinancing of $588.9 million in bonds through a placement in the exempt market.
The Government Development Bank turned to the bond market last week, issuing $450 million in debt in less than a day, and will repeat the action again in two weeks, when it will seek to raise another $1.1 billion, agency President Juan Carlos Batlle said Thursday.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA